Daily Market Report (21 July 2021)
- Wall Street rebounded following a sell-off on Monday as bargain hunting activities emerged despite the concerns of a resurgence in global Covid-19 cases.
- The DJI Average surged by almost 550 points to above the 34,500 mark while the Nasdaq jumped by 224 points to around the 14,500 level.
- Therefore, we expect to see some bargain hunting amongst the regional markets today however sentiments should be mixed amid the heightened volatility.
- Back home, the performance of the FBM KLCI has been jittery amid the lingering weak market undertone.
- With market participation still muted, we continue to see the local bourse to trend within a narrow range in the absence of sustained buying from the foreign funds.
- For today, we expect the index to trend around the 1,515-1,525 range.
